Dear ECA Member, As the new year approaches, we can reflect on an important year for ECA and look to the challenges ahead in what will be the 10th year of our association. Since the last newsletter, we have seen records broken with Celtic FC setting a new domestic British record going 69 games unbeaten. Additionally, Real Madrid CF concluded their impressive year with a fifth trophy as they were crowned FIFA Club World Cup champions. Congratulations to both clubs on their remarkable achievements. As the 2017-19 ECA Membership Cycle gets into full swing, four of the five Working Groups have held their inaugural meetings. Following reforms to the ways in which Working Groups operate, adopted at the General Assembly in Geneva, increased participation of clubs and the establishment of Working Group Bureaus ensure greater representation across subdivisions, as well as a direct link between Working Groups and the Board. Regarding stakeholder framework matters, UEFA recently announced that FFP fines accrued last season have been distributed to European clubs in line with the agreement established with ECA. Furthermore, FIFA shared details of the payments procedure for the World Cup 2018 Club Benefits Programme, which will see clubs receive $8.5k per player per day. Finally, after what has been a busy year in the world of football, I would like to wish you a well-deserved happy holiday and see you in the new year. Sincerely,